Earnings per Share

6 Months Ended

Oct. 31, 2025

Earnings Per Share [Abstract]

Earnings per Share

We computed net income (loss) per common share (“basic earnings per share”) under the two-class method for the three and six months ended October 31, 2025 and 2024, due to certain unvested common shares that contained non-forfeitable rights to dividends (i.e., participating securities) during these periods. Further, we computed net income (loss) per common share – assuming dilution (“diluted earnings per share”) under the two-class and treasury stock methods to determine the method that was most dilutive, in accordance with FASB Accounting Standards Codification 260, Earnings Per Share. For the three and six months ended October 31, 2025 and the six months ended October 31, 2024, the computation of diluted earnings per share was more dilutive under the treasury stock method, as compared to the two-class method. Therefore, the treasury stock method was used. For the three months ended October 31, 2024, we recognized a net loss and as a result, excluded the anti-dilutive effect of stock-based awards from the computation of diluted earnings per share.

The following table sets forth the computation of basic and diluted earnings per share under the two-class method.

	Three Months Ended October 31,				Six Months Ended October 31,
	2025		2024		2025		2024
Net income (loss)	$	241.3	$	(24.5)	$	197.4	$	160.5
Less: Net income (loss) allocated to participating securities	—		—		—		—
Net income (loss) allocated to common stockholders	$	241.3	$	(24.5)	$	197.4	$	160.5
Weighted-average common shares outstanding	106.7		106.4		106.6		106.4
Add: Dilutive effect of stock options	—		—		—		—
Weighted-average common shares outstanding – assuming dilution	106.7		106.4		106.6		106.4
Net income (loss) per common share	$	2.26	$	(0.23)	$	1.85	$	1.51
Net income (loss) per common share – assuming dilution	$	2.26	$	(0.23)	$	1.85	$	1.51

The following table sets forth the computation of diluted earnings per share under the treasury stock method.

	Three Months Ended October 31,				Six Months Ended October 31,
	2025		2024		2025		2024
Net income (loss)	$	241.3	$	(24.5)	$	197.4	$	160.5
Weighted-average common shares outstanding – assuming dilution:
Weighted-average common shares outstanding	106.7		106.4		106.6		106.4
Add: Dilutive effect of stock options	—		—		—		—
Add: Dilutive effect of restricted shares, restricted stock units, and performance units	0.2		0.3		0.3		0.2
Weighted-average common shares outstanding – assuming dilution	106.9		106.7		106.9		106.6
Net income (loss) per common share – assuming dilution	$	2.26	$	(0.23)	$	1.85	$	1.51